Environmentalists Are Wrong—Fracking Is America's Economic Savior

 

Fracking is America's ticket to energy independence, and any opposition to it is simply unpatriotic. In plain terms, critics of fracking are just protecting foreign oil interests at the expense of American jobs.

Fracking? It is a "rock-solid" way to keep America’s economy booming. Sure, it has been slammed for its environmental impact, but let's talk dollars and sense. Fracking has been a game-changer for the U.S. economy, fueling job growth, boosting tax revenues, and giving the country a shot at energy independence that was once just a pipe dream.

Let’s go back to the beginning. Hydraulic fracturing, or fracking, isn’t exactly new. It has been around since the 1940s, but it wasn’t until the early 2000s that it really took off. What changed? Advances in technology made it possible to extract oil and natural gas from shale formations deep underground, formations that were previously thought to be too difficult or expensive to tap. This was a huge breakthrough, especially for states like Texas, North Dakota, and Pennsylvania, which sit on some of the largest shale reserves in the country.

Fast forward to today, and fracking has turned the U.S. into one of the world’s top producers of oil and natural gas. In 2018, the U.S. became the largest global crude oil producer, overtaking Russia and Saudi Arabia, a feat that would have been unthinkable without fracking. This surge in production has had a massive impact on the economy. In 2019, the oil and gas industry supported more than 10 million jobs, according to the American Petroleum Institute. These aren’t just jobs in the oil fields, either. They’re jobs in manufacturing, construction, transportation, and more, rippling out across the economy.

And it is not just about jobs. Fracking has also been a boon for government coffers. States like Texas and North Dakota have seen tax revenues skyrocket thanks to fracking. In North Dakota, oil and gas production tax revenue jumped from $1.2 billion in 2010 to $3.6 billion in 2014. That’s money that can be used to fund schools, roads, and other public services. In Texas, the state’s Rainy Day Fund, which is funded largely by oil and gas taxes, has grown to more than $10 billion, giving the state a cushion against economic downturns.

But the benefits of fracking go beyond just jobs and taxes. By increasing domestic energy production, fracking has also helped reduce the U.S.’s reliance on foreign oil. This has huge implications for national security. No longer is the U.S. at the mercy of oil-rich countries in the Middle East. Instead, it can rely on its own resources, keeping more of its money at home and reducing its exposure to geopolitical risks.

Of course, fracking isn’t without its controversies. Environmentalists have raised concerns about the potential for groundwater contamination, earthquakes, and greenhouse gas emissions. And there’s no denying that fracking does have an impact on the environment. But the economic benefits can’t be ignored. In a country where economic growth is often prioritized over environmental concerns, fracking has proven to be a winning strategy.

In fact, the economic benefits of fracking have been so significant that even some former critics have changed their tune. Take, for example, New York State. In 2015, then-Governor Andrew Cuomo banned fracking, citing environmental concerns. But just a few years later, the state found itself in a natural gas shortage, leading to higher energy prices for consumers. In response, Cuomo’s administration began quietly allowing new natural gas infrastructure to be built, essentially admitting that the state couldn’t meet its energy needs without fracking.

And it is not just New York. Across the country, states that were once skeptical of fracking are now embracing it as a way to boost their economies. In Pennsylvania, fracking has been a major driver of economic growth, particularly in rural areas that were struggling before the shale boom. According to a study by the U.S. Chamber of Commerce, fracking added $24.5 billion to Pennsylvania’s economy in 2015 alone. That’s a lot of money for a state that’s been hit hard by the decline of traditional manufacturing industries.

The federal government has also recognized the economic importance of fracking. Under President Donald Trump, the administration rolled back numerous regulations on the oil and gas industry, arguing that they were stifling economic growth. In 2017, the Trump administration lifted a moratorium on new oil and gas leases on federal land, opening up vast new areas to fracking. This move was met with applause from industry groups, who argued that it would create thousands of new jobs and generate billions of dollars in revenue.

The economic benefits of fracking have even been felt on a global scale. By increasing its oil and gas production, the U.S. has been able to exert more influence on global energy markets. In 2019, for example, the U.S. became a net exporter of oil for the first time in decades. This has weakened the power of OPEC, the cartel of oil-producing countries that has historically controlled global oil prices. With the U.S. now a major player in the market, it’s been able to keep prices relatively stable, benefiting consumers both at home and abroad.

But perhaps the most surprising impact of fracking has been on the U.S.’s trade balance. By producing more of its own energy, the U.S. has been able to reduce its trade deficit, which is the difference between the value of the goods it imports and the value of the goods it exports. In 2019, the U.S. trade deficit in petroleum products was the smallest it had been since the 1970s, thanks in large part to fracking. This has had a positive impact on the overall economy, boosting GDP and creating jobs in a variety of industries.

Without putting it in so many words, fracking may not be the most popular or environmentally friendly way to produce energy, but there is no denying its economic benefits. It has turned the U.S. into an energy superpower, created millions of jobs, and pumped billions of dollars into state and federal coffers. Critics may continue to argue that the environmental costs are too high, but in a country that values economic growth above all else, fracking is here to stay. After all, what’s a little groundwater contamination when there’s money to be made?